According to Stratistics MRC, the global micro irrigation systems market is estimated to be $2,579.3 million in 2015 and is expected to reach $8,427.1 million by 2022, growing at a CAGR of 18.4%. Increasing demand for food with rising population, favourable policies and regulatory framework by government, growing awareness for advanced agricultural technologies, enhancement in Crop Yield & Quality and rapidly growing greenhouse vegetable production are the factors anticipated to drive the micro irrigation systems market. Some of the major restraints of the market include high maintenance cost and huge initial investment. Wide acceptance of micro irrigation systems in emerging regions and increasing investments for research and development by established firms acts as opportunities for the market growth.
Based on crop types, orchard crops is likely to dominate the global micro irrigation systems market followed by plantation crops. Field crops are expected to exhibit considerable growth over the forecast period. Due to high adoption of sprinkler irrigation systems in fields, landscaping and turf grass, this segment is projected to hold the largest share. North America and Europe are the major markets for micro irrigation systems and Asia Pacific is expected to grow at the highest CAGR among the other regions.